Main points of the report
Event: the company disclosed that in the first three quarters of 22, the operating income was 918 million yuan, up 36.02% over the same period last year; the net profit was 137 million yuan, up 33.77% over the same period last year; and the net profit after deducting 129 million yuan was 129 million yuan, up 49.15% from the same period last year.
The battery package of the energy storage business was shipped, and the synchronous downstream demand of automotive electronics increased significantly. The company achieved operating income of 401 million yuan in the third quarter of 22, an increase of 57.22% over the same period last year, with a rapid growth rate, mainly due to the continuous volume of automotive electronics and off-grid lighting business. Among them, the energy storage business cordless battery pack to achieve shipments to the European market, in-hand orders of the order of 10 million; off-grid lighting newly opened up the Nigerian market, products to a higher value of commercial energy storage upgrade, to achieve a simultaneous rise in volume and price. Automotive electronics business Tier1 business benefits from strong demand in the downstream market, the company orders synchronous substantial volume; Tier2 business through Dechang Motor supply Guangzhou Automobile, SAIC and Ford series, steady growth. The company's gross profit margin in the first three quarters of 22 years was 19.75%, down 3.66pct from the same period last year, mainly due to the significant expansion of the company's offline lighting business and a substantial increase in its share.
The performance growth rate exceeded expectations, and the scale effect was gradually reflected. The profitability optimization company achieved a net profit of 62 million yuan in the third quarter, an increase of 61.56% over the same period last year, a net interest rate of 15.32%, an increase of 0.38pct over the same period last year, and a faster-than-expected growth rate, mainly due to the accelerated expansion of the company's business scale and the optimization of profitability brought about by cost dilution. The company's sales, management, R & D and financial expense rates are 0.98%, 2.76%, 3.69% and-6.19% respectively, with year-on-year changes of-0.27,0.77,1.08 and-6.31pct.
Energy storage battery pack order volume, automotive electronics ODM share increased, bringing broad room for growth of energy storage business, the company set up Dongguan Langte New Energy Company, focusing on overseas household storage, micro-reverse and other new energy business. In the short term, the battery pack has been shipped to the European market, and with the delivery of on-hand orders, it is expected that the energy storage business will usher in a substantial volume in 23 years; in the long run, the company already has inverter technology reserves, which is expected to be cut into the inverter field from the battery pack. The application market expands from Europe and Africa to the United States and Australia, and there is broad room for growth. In terms of automotive electronics business, the company set up the Automotive Electronics Division to specialize in ODM business, which has been certified by customers. The proportion of high-value ODM business is expected to become the main growth momentum of automotive electronics revenue in the future.
Investment advice and profit Forecast
We estimate that the total operating income of the company in 2022-2024 is 13.51,18.02 and 2.29 billion yuan respectively, an increase of 40.77%, 33.35% and 27.05% respectively over the same period last year. The net profit of homing in 2022-2024 is 1.97,2.80 and 403 million yuan respectively, an increase of 39.57%, 42.09% and 44.12% over the same period last year, corresponding to 30X, 22x and 15x PE for 22-24 years, considering the strengthening of the business expansion of the company's energy storage battery package. Orders are expected to usher in a large volume, Automotive Electronics cut into the high-value volume of ODM business, to maintain the "buy" rating.
Risk hint
The competition in the intelligent controller industry aggravates the risk; the prosperity of the smart home and home appliance industry is not as good as expected.
